Vikram Solar has formally commissioned its new manufacturing mega-facility at Gangaikondan, Tamil Nadu, marking the successful rollout of the first solar module from the plant. The 6 lakh sq. ft. greenfield facility is designed as a next-generation smart factory, expected to generate employment for over 1,500 skilled professionals while supporting India's clean energy manufacturing base. The company targets 9 GW of solar cell manufacturing capacity by FY27 and 12 GW of wafer and ingot capacity by FY29-30 to build a fully integrated solar ecosystem.

Capacity Expansion Roadmap

The Gangaikondan campus is central to Vikram Solar's long-term vision for vertical integration across the solar value chain. The company plans to progressively house module, cell, wafer, and ingot manufacturing at this site. The expansion strategy includes specific capacity milestones aimed at strengthening domestic supply chain resilience and increasing value addition.

Facility Capabilities and Production

The newly commissioned plant combines advanced automation with digital manufacturing technologies to enhance efficiency and quality. Key capabilities include real-time monitoring of the production process, complete traceability of every module, and automated inspection systems to minimize defects. The facility uses smart systems to automatically grade, sort, and package modules based on performance.

The first products manufactured at the plant are Vikram Solar's Hypersol N-Type TOPCon G12R modules. These modules deliver a rated power of 615-640 Wp with module efficiencies of up to 23.69%.

Vikram Solar has secured a legal victory after the National Company Law Appellate Tribunal (NCLAT) set aside the order of the National Company Law Tribunal (NCLT), Kolkata Bench, dated June 12, 2026, which had admitted an insolvency application against the company. The NCLAT Principal Bench, New Delhi, passed the order on June 29, 2026, effectively quashing the proceedings initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 by operational creditor Isitva Steel Private Limited. The tribunal ruled that the insolvency petition ought not to have been admitted as the claim amount was less than ₹1 crore.

Prior to this final order, the company had deposited ₹91,98,556 via demand draft in favour of the Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi. The NCLAT directed that this amount be refunded to the appellant after due verification and in accordance with the law. The tribunal noted that the settlement, if any, can be adverted to between the parties directly.

The dispute originated from a settlement agreement where the parties agreed to a total of ₹4,60,49,000, of which ₹4,14,00,000 was already paid. Subsequently, ₹70 lakh was paid, and an email from the operational creditor dated February 4, 2023, acknowledged the remaining liability as ₹91,98,556. With the NCLAT setting aside the admission order, the immediate threat to the company's financial reputation and operational stability is resolved.

Financial Performance for Fiscal 2026

Vikram Solar reported robust operational metrics for the fiscal year ended March 31, 2026, emphasizing its strong financial position and liquidity. The management highlighted that the company has no long-term debt as of the reporting date.

The company noted that its net working capital cycle improved to 44 days in fiscal 2026 from 82 days in fiscal 2025. Existing lenders have confirmed that the company's accounts are reported as standard and regular, with operations deemed satisfactory.